The value of Queensland mining projects now on hold as a result of the Rudd Government’s proposed new Resource Super Profits Tax is in excess of $50 billion, and represents more than half of all projects threatened nationally, Senator Ron Boswell said today.

Senator Boswell said if the Government didn’t abandon the tax the cost to Queensland and the nation in jobs and export income would be devastating, with Queensland by far the hardest hit state in the country.

The decision by Xstrata to suspend development of its $6 billion Wandoan thermal coal project and $600 million expansion of the Ernest Henry copper mine has taken the value of projects threatened in Queensland well beyond $50 billion.

Projects now stalled because of Labor’s tax also include:

• Queensland Gas Company/BG Group’s $10 billion LNG project
• Origin Energy Ltd/Conoco Phillips’ $9.6 billion LNG project
• Santos/Petronas’ $7.7 billion LNG project
• Waratah Coal $7.5 billion
• Chalco’s $3 billion bauxite project
• Gladstone Pacific Nickel $1.2 billion
• Ensham Resources $1.2 billion coal project
• Rio Tinto/Mitsui/ Kestrel Coal Investment $1.2 billion
• Aquila Resources $1 billion - coal

BHP recently announced plans for investments of billions of dollars on new open cut coal mines at Daunia and Caval Ridge, and an expansion of the Goonyella coal mine, all near Moranbah in the northern Bowen Basin, were on hold.

ENDS